ORLANDO—Parkway Plaza has a new owner—and it's strategic location may have helped it turn investor heads. The 65,000-square-foot shopping center is a half-mile from Orlando's The Mall at Millennia. The retail asset sold for $8.5 million.

CREC chairman Warren Weiser and senior vice president Harry Blyden represented the property's seller, a Tenant-in-Common (TIC) ownership group managed by Los Angeles-based National Asset Services. The group acquired the retail center in 2004. The buyer was J-9 Land Partners, a private investment firm based in Ormond Beach, Florida.

“When it comes to neighborhood shopping centers in Florida, grocery-anchored properties remain the most desirable acquisition targets among institutional buyers and private investors alike,” says Blyden. “The strong sale price secured by Parkway Plaza is a good indicator that buyers are willing to pay for income-generating retail centers located in close proximity to dense residential areas.”